At Symba Technologies Inc., we understand that filing taxes can be a daunting task, especially for real estate agents who are self-employed. That’s why we’ve put together some helpful tips to ensure a smooth filing process.
Tip #1: Collect Your Materials and Forms Early
Don't wait until the last minute to gather your tax materials and forms. We recommend taking pictures of your receipts as you incur expenses and saving them in a folder on your phone. Keep your tax forms in a safe and accessible place and archive copies of your previous filled-out tax forms for reference. Bookkeeping apps can help make this step easier. For example, Symba makes saving photos of receipts simple. All you have to do is use your smartphone camera to take a picture of the receipt and then you can attach it to the transaction in the app.
Tip #2: Fill Out Your Forms Accurately
After you’ve gathered your forms, take your time filling them out carefully. Check for common errors like miscalculations, misspellings, and missing information. Be sure to include relevant schedules. Underreporting your income or underpaying your taxes can result in significant fines and penalties.
Tip #3: Include Allowable Deductions
As a real estate agent, you can deduct several expenses related to your business activities, such as education, marketing assets, digital marketing and advertising, transportation, licensing, utilities, insurance, home office expenses, work-related travel, and gifts. Be sure to keep track of these expenses throughout the year to maximize your deductions. Once again, bookkeeping apps make this easier and Symba is one of those bookkeeping apps. Symba is one of the very few that are only built for real estate agents.
Tip #4: Include Tax Credits
Depending on your total income, you may also be eligible for tax credits. Common tax credits include the earned income tax credit, child tax credit, dependent care, and saver's credit. Speak with a tax professional to determine which credits you qualify for.
Tip #5: Seek Professional Help
Filing taxes as a self-employed real estate agent can be complicated, so don't hesitate to seek professional help. A tax professional can help you identify deductions and credits, ensure that your forms are filled out correctly, and provide guidance on tax planning for the following year.
By following these tips, you can simplify the tax filing process and reduce the stress associated with tax season. Contact Symba Technologies Inc. to learn more about how we can help you manage your taxes throughout the year.Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.